Scotts Miracle-Gro (NYSE:SMG) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

The Scotts Miracle-Gro Company (NYSE:SMG)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $63.36 and traded as high as $65.18. Scotts Miracle-Gro shares last traded at $64.1450, with a volume of 710,446 shares traded.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Scotts Miracle-Gro in a research report on Monday, May 4th. JPMorgan Chase & Co. downgraded Scotts Miracle-Gro from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $70.00 to $67.00 in a report on Thursday, March 26th. UBS Group increased their target price on Scotts Miracle-Gro from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday. Wall Street Zen upgraded Scotts Miracle-Gro from a “hold” rating to a “buy” rating in a research report on Saturday, July 4th. Finally, Wells Fargo & Company boosted their price target on Scotts Miracle-Gro from $72.00 to $74.00 and gave the company an “overweight” rating in a research note on Wednesday, July 8th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $73.00.

Scotts Miracle-Gro Trading Up 7.7%

The stock has a market capitalization of $4.26 billion, a P/E ratio of 40.92 and a beta of 1.81. The firm’s fifty day moving average is $62.30 and its 200-day moving average is $63.43.

Scotts Miracle-Gro (NYSE:SMG) last issued its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $4.53 earnings per share for the quarter, topping the consensus estimate of $3.97 by $0.56. Scotts Miracle-Gro had a net margin of 3.27% and a negative return on equity of 79.61%. The firm had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the firm earned $3.98 earnings per share. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. Equities research analysts expect that The Scotts Miracle-Gro Company will post 4.3 EPS for the current year.

Scotts Miracle-Gro Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Friday, May 22nd were given a dividend of $0.66 per share. The ex-dividend date was Friday, May 22nd. This represents a $2.64 dividend on an annualized basis and a yield of 3.6%. Scotts Miracle-Gro’s dividend payout ratio is 147.49%.

Hedge Funds Weigh In On Scotts Miracle-Gro

Institutional investors have recently bought and sold shares of the business. Captrust Financial Advisors increased its stake in shares of Scotts Miracle-Gro by 12,034.5% in the second quarter. Captrust Financial Advisors now owns 1,008,623 shares of the basic materials company’s stock valued at $66,529,000 after buying an additional 1,000,311 shares in the last quarter. Epoch Investment Partners Inc. acquired a new position in Scotts Miracle-Gro during the 1st quarter worth about $50,058,000. Arrowstreet Capital Limited Partnership lifted its position in Scotts Miracle-Gro by 161.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,289,974 shares of the basic materials company’s stock worth $78,443,000 after buying an additional 795,970 shares in the last quarter. AQR Capital Management LLC grew its holdings in Scotts Miracle-Gro by 458.7% during the 2nd quarter. AQR Capital Management LLC now owns 822,743 shares of the basic materials company’s stock worth $54,268,000 after acquiring an additional 675,493 shares during the last quarter. Finally, Brandes Investment Partners LP grew its holdings in Scotts Miracle-Gro by 362.8% during the 4th quarter. Brandes Investment Partners LP now owns 737,546 shares of the basic materials company’s stock worth $43,036,000 after acquiring an additional 578,174 shares during the last quarter. Institutional investors own 74.07% of the company’s stock.

About Scotts Miracle-Gro

Scotts Miracle-Gro Company is a leading developer, manufacturer and distributor of consumer lawn and garden products. The firm serves both retail and professional customers through an array of branded offerings that include lawn fertilizers, grass seed, pest and disease control solutions, plant foods and specialty products for indoor and outdoor gardening. Its portfolio spans well-known names such as Scotts®, Miracle-Gro®, Ortho® and various hydroponic and specialty garden brands.

Headquartered in Marysville, Ohio, the company traces its roots to O.M.